Commercial Line Insurers & Insurtechs - An unbeatable team

Why am I saying this? The answer is easy: I have worked in both cultures and have experienced how innovation could advance commercial lines without giving up proven techniques.

In the past couple of years, the majority of insurtechs have been concentrating on personal lines. Innovations affected distribution, products, services and interactions with clients. Evolution of the insurance industry has always started in the personal lines area. And innovations developed around motor and property first before gradually moving into other personal lines.

And then there is commercial lines which is still a bit of a white space when it comes to innovations and insurtechs’ focus. I personally think it is a pity to neglect this space as it has a huge potential to bring insurers, their clients, the economy and probably even society to the next level of cooperation. The key to success is partnerships with insurtechs, startups, technology providers and other companies with a product or service related to the insurance industry. Two categories of partners would be interesting exploring futher:

• Insurtechs and startups already active in personal lines which products are scalable to commercial lines (e.g. picture authentication for fraud prevention or risk inspections)
• Startups with a product or service in another industry. Why not offering bushfire spotting / prevention services to energy companies? Or crop / harvest forecasting services to agricultural clients? Or using supply-chain traceability for incumbents and their clients?

I am convinced that these ecosystems can create win-win partnerships and put the insurer in the driving seat in an attempt to solve some of the most burning issues of today’s society. The insurer is more than a capacity provider, it could become a hub for driving innovations in the mobility, climate, agriculture or supply-chain area to just name a few.

Curious to learn more? I will share more thoughts on this channel and my website shortly. And check out my services to find out how I can advance your business.